Minister hints at increase in 2013 taxes

ANKARA - Hürriyet Daily News

Turkish Finance Minister Mehmet Şimşek has said he will not speculate on a revaluation rate for 2013 but the Cabinet has the authority to increase the inflation-linked revaluation rate by 50 percent.

Şimşek’s statement came one day after the revaluation rate was disclosed unofficially in an interview with a local broadcaster.

The fines and taxes will be increased by 7.8 percent next year if the Cabinet does not decide otherwise. The 12-month producer price inflation rate, which was recorded as 7.8 percent in October, is used as the rate of revaluation of current fines and taxes.

“The real value wanes if taxes and fees are not increased as much as the inflation rate. Hikes regarding some of the lump-sum taxes are on the agenda for 2013,” Şimşek said.